topic Re: How often does FICO score monitoring update? in General Credit Topics

How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 01:19:45 GMT

How often does your score update if you purchase the 3 bureau credit monitoring? Is it just once a month or does it update in real time as your score changes?

Also, which version do mortgage lenders typically use and does this show that score?

Thanks!

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 01:24:48 GMT

And what is the difrence between the 3 bureau monitoring and the score watch?

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 02:31:37 GMT

It updates whenever there's changes to your report . If your doing the report 1% balance every month trick make sure you switch between 1% and 2% every month . There has to be some type of change for it to update .

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 04:49:36 GMT

@Anonymous wrote:
It updates whenever there's changes to your report . If your doing the report 1% balance every month trick make sure you switch between 1% and 2% every month . There has to be some type of change for it to update .

+1. The above is true. However, if there is no change to your credit report, you will receive weekly status updates. Each update will make you aware that there has been no change that week, and it will designate the CRA in the email. Best of luck.

Re: How often does FICO score monitoring update?

Revelate — Tue, 03 Feb 2015 07:03:23 GMT

Scorewatch is EQ only.

The scores provided over time by the monitoring solution aren't used in mortgage lending; however, when signing up will be given a slew of scores from EX / EQ and those do include 2 of the scores for mortgage lending. TU isn't available yet.

The score updates are individual to each CRA: EQ will trigger on any balance change (has to differ from last report numerically) just like Scorewatch, EX not sure yet on and TU appears to be percentage based as others have suggested.

The busier your report, the more updates you'll get.

Re: How often does FICO score monitoring update?

takeshi74 — Tue, 03 Feb 2015 16:09:33 GMT

@Anonymous wrote:
Also, which version do mortgage lenders typically use and does this show that score?

Typically FICO 04. MyFICO provides 08 scores. In other words, you can't get the scores typically used by mortgage lenders from myFICO.

This sticky is in the Understanding FICO Scoring subforum.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

As of 2014, FICO 08 is reported to be the most commonly used by lenders. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 17:03:00 GMT

@takeshi74 wrote:
@Anonymous wrote:
Also, which version do mortgage lenders typically use and does this show that score?
Typically FICO 04. MyFICO provides 08 scores. In other words, you can't get the scores typically used by mortgage lenders from myFICO.

This sticky is in the Understanding FICO Scoring subforum.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617
As of 2014, FICO 08 is reported to be the most commonly used by lenders. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

You can now.

Re: How often does FICO score monitoring update?

disdreamin — Tue, 03 Feb 2015 19:33:45 GMT

+1 on getting FICO 04 now with sign-up for monitoring. Do be aware that the only score that seems to update is the FICO 8 score (the one that was originally available here) and the other scores stay whatever they were the day you signed up for monitoring though.

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 21:28:09 GMT

I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending.

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited.

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 22:21:12 GMT

@Anonymous wrote:
I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending.

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited.

She should know or be willing to find out.

Re: How often does FICO score monitoring update?

Revelate — Tue, 03 Feb 2015 22:29:19 GMT

@Anonymous wrote:
I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending.

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited.

It's nearly 100% guaruntee it will be those scores. Most of the front-line folks don't know, same as an Amex CSR in many respects.

End of the day you can only go with what the lender pulls, but in this case, walk in with a smile knowing you almost have a better chance of winning the lottery than getting a different score than those two out of three. The one you're missing is TU 04 Classic, but at least you know the high and low bounds for where you can land.

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 22:29:28 GMT

@Anonymous wrote:
@Anonymous wrote:
I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending.

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited.
She should know or be willing to find out.

That's what I thought too...

Re: How often does FICO score monitoring update?

Revelate — Tue, 03 Feb 2015 22:30:33 GMT

@takeshi74 wrote:
@Anonymous wrote:
Also, which version do mortgage lenders typically use and does this show that score?
Typically FICO 04. MyFICO provides 08 scores. In other words, you can't get the scores typically used by mortgage lenders from myFICO.

This sticky is in the Understanding FICO Scoring subforum.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617
As of 2014, FICO 08 is reported to be the most commonly used by lenders. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

Yeah got to be rewritten, the verbiage at the top is right but the rest needs to be redone in the aftermath of FICO's massive product update.

Re: How often does FICO score monitoring update?

Anonymous — Tue, 03 Feb 2015 22:33:53 GMT

@Revelate wrote:
@Anonymous wrote:
I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending.

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited.
It's nearly 100% guaruntee it will be those scores. Most of the front-line folks don't know, same as an Amex CSR in many respects.

End of the day you can only go with what the lender pulls, but in this case, walk in with a smile knowing you almost have a better chance of winning the lottery than getting a different score than those two out of three. The one you're missing is TU 04 Classic, but at least you know the high and low bounds for where you can land.

Thanks for the information!